On April 30, the RWA tokenization protocol KAIO officially announced the launch of its governance token KAIO, with a fixed total supply of 10 billion tokens. The KAIO Foundation has also been established to oversee ecological governance, treasury management, and protocol development. KAIO is incubated by Nomura Group's digital asset division, Laser Digital, and has received strategic investments from institutions such as Tether (the world's largest stablecoin issuer), BH Digital Assets, and Further. The platform currently has five institutional-grade funds launched, with a total value locked (TVL) of approximately $100 million, spanning over 10 blockchains. Supported asset managers include BlackRock, Brevan Howard, Hamilton Lane, and Laser Digital, with a collaboration with Mubadala Capital expected to be announced soon. In terms of token distribution, the community and liquidity incentives account for the highest proportion at 37.5%; the foundation holds 17%; and the team, investors, and Pre-TGE sales collectively account for 45.5%, with a zero lock-up ratio on the day of TGE. Unlocking has a cliff period of 6 to 12 months, followed by monthly linear releases, with a maximum period of 60 months. The core uses of the token include access to protocol products, participation in staking for rewards, and governance voting rights on key protocol decisions and treasury allocations. The protocol will generate revenue by charging basis points on tokenized assets, but token holders do not have statutory rights to fee distribution. A retail-focused KASH product is planned to launch in the second quarter of 2026, aimed at providing ordinary users with exposure to RWA returns.